To Control and Regulate the Manufacture and Use of Explosives in Time of War; Hearing Before the Committee on Mines and Mining, United States Senate. Sixty-Fifth Congress, First Session, on H. R. 3932, a Bill to Regulate the Manufacture, Distribution, Sto

To Control and Regulate the Manufacture and Use of Explosives in Time of War; Hearing Before the Committee on Mines and Mining, United States Senate. Sixty-Fifth Congress, First Session, on H. R. 3932, a Bill to Regulate the Manufacture, Distribution, Sto

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...in the United States? Mr. Jenks. In this country it is probable that a verv considerable part of the increase in prices was due to the ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 Excerpt: ...in the United States? Mr. Jenks. In this country it is probable that a verv considerable part of the increase in prices was due to the increased amount of gold in our own market and in part to the increased extension of credit which practically increased the amount of currency in circulation. Afterwards when the fall in prices came, it came largely because of the contraction of these credits, even though the amount of gold remained the same because a contraction of credit is in effect often a contraction in the currency probably by an equal amount. If I can use a check instead of bills it answers the purpose, but it is handling the matter in a different way. Senator Oddie. Do you not think that if our production of gold had continued normal the result would have been far better to the United States? In other words, the United States would have been saved, the people would have been saved enormous losses? Mr. Jenks. Fluctuations in the value of money is a very serious injury to a country: a rapid increase in prices is distinctly detrimental to the interests of a country, as a whole. The rapid decrease, I am inclined to think, is even more detrimental! The ideal thing, of course, is that we maintain the general level of prices just as nearly as possible. Now, we had the great expansion of credit and the increase in the quantity of money with a great increase in prices. It was almost inevitable that there would come a decided decrease in prices afterwards, but the decrease has not yet been anywhere nearly as large as the increase was. It was most unfortunate that we had either, but as I intimated some time ago, a continued fall in prices over a long period o( time is exceedingly detrimental to the interests of all classes of the population, the chief exception...Read Less

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